USDCAD Analysis – April 25, 2009

After touching 1.2500, USDCAD pulls back sharply to as low as 1.2072. The pair remains in downtrend from 1.3063. Deeper decline is expected to 1.1700 zone next week. Key resistance is now at 1.2504, only rise above this level will indicate that the fall from 1.3063 has completed.

For long term analysis, USDCAD remains in long term bullish movement. Further rise towards 1.4000 to reach the next cycle top on monthly chart is expected.

usdcad daily chart